Preheat oven to 300 degrees. Heat 1 tablespoon oil in a Dutch Oven, or soup pot, over medium-high heat. Meanwhile, pat beef dry with paper towels and season with salt and pepper. When the oil is hot, add ½ of the beef and cook until well browned, about 5-8 minutes. Remove with a slotted spoon and set aside. Heat 1 more tablespoon oil and brown the remaining beef. When browned, remove with a slotted spoon and place to the side with the first batch of beef. Reduce heat to medium and add the remaining tablespoon of oil to the pot. Add the red onion and cook for a few minutes until onion is beginning to soften. Add the tomato paste and garlic, continue cooking for 2 more minutes. Add the flour and continue cooking for another minute. Slowly add the red wine and bring to a simmer, scraping any browned bits that are on the bottom of the pot. Add the chicken broth, Worcestershire sauce and balsamic vinegar. Return the beef and any accumulated juices back into the pot along with the thyme, bay leaves and pepper. Bring to a simmer on the stovetop.

Cover and place in the oven and cook for 1 hour.

After 1 hour, add the carrots and potatoes, return to the oven and continue cooking for another hour or until the beef is tender.

Remove from the oven and stir in the peas. Let sit covered for 5 minutes. Season as needed with additional salt and pepper.